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  • 👀 ETH’s a Commodity...thanks to Uniswap?

👀 ETH’s a Commodity...thanks to Uniswap?

PLUS: Twitter = Ready for Crypto?

Gm, this is doodhwala, the crypto newsletter that’s read by EVERY demographic. 🫡

VCs, founders, brokies, my mom (HI MOM! Won’t be coming home for dinner today ❤️ )

Here’s what we got for you today:

  • 🦄 Uniswap’s Allegation: Uniswap Allegations Turned Ethereum Into A Commodity

  • 📜 X’s Licenses: Twitter Has New Payment Licenses Which Include Crypto

  • 📈 Cheese and Charts: Are NFTs Dead?

  • 🛠️ Resourcewala: The ABCs Of A MultiSig Wallet

  • 🍼 Doodhshots: Lufthansa Has NFTs Now

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🔥 ETH’s a Commodity!

Uniswap.

The largest decentralized exchange (DEX) in the world was sued in a class action suit last year.

Why?

Well, three reasons:

  1. For some "scam tokens" that popped up on Uniswap. 🎭

  2. Claiming that it was responsible for any shady tokens traded there. 🤨

  3. Breaking U.S. securities laws for dealing in securities without registering as an exchange. 🤯

But seeing the ruling now, the New York court seems to disagree with these allegations.

Let’s break it down (in non-legal language so that this does happen to you):

A group of investors said Uniswap and its creator, Hayden Adams, didn't follow the rules and let people lose money because of these "scam tokens".

They specifically pointed fingers at these tokens:

  • Bezoge (BEZOGE) 🐺

  • EthereumMax (EMAX) 🐍

  • Alphawolf Finance (AWF) 🐺

And then the judge gave her opinion. And believe me, she’s really cool and funny (just like us).🥛

What She Said:

First and foremost, Ethereum (ETH) was called out as a commodity by the judge. 🌽

(FYI, commodities are basic goods like gold or oil. They're not securities like stocks.)

So, the third allegation got automatically invalidated as Uniswap isn’t even dealing in securities but commodities.

SEC’s been trying to declare the cryptos as securities for a long time now.

And this ruling can shut down their big mouths. **

It’s about time Gary.

I know what you’re thinking - Bitcoin, right? 🟠

So don’t worry, she said that’s a commodity too.

Now coming back to our big-fat DEX.

The judge was like, “Why are we even blaming Uniswap?” 😏

She thinks that the real people to blame are the ones who made those shitty tokens.

And she also made a funny point (more like an analogy).

She said saying Uniswap is responsible for scam tokens is like saying payment apps like Venmo are responsible if someone uses it for a drug deal. 🤣

Judge’s Mic Drop Moment: She said, “If you have problems with this, talk to the people who make laws.” And that is the US Congress. 👩‍⚖️

BURNNN🔥

Ahh man this case!!!

Really it’s a BIG deal. Cuz it might set a precedent for the future of crypto legal stuff.

But any future cases against decentralized platforms will at least have this ruling as a reference.

And guess what? This same judge is also seeing the SEC vs. Coinbase case.

But don’t get your hopes high just yet cuz anything can happen in the courts.

Doodhwala’s Take:

Uniswap: 1️⃣

Salty Investors: 0️⃣

SEC: 💩

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😮 Twitter = Ready for Crypto?

Are you ready for the biggest crypto news - That’ll probably actually affect your life? 😮

That’s right my doodhs!

Crypto is about to go mainstream, and it’s all possible because of the official crypto pumper himself—

Mr. Elon Musk. 🚀

The Payments Man → Turned Car Man → Turned Rocket Man → Turned Dog coin and Twitter Man has acquired some nasty new licenses.

What are these new licenses?

And how did crypto even come into the picture? 🤔

So many questions — Just one that really matters.

Are you frikkin ready for crypto to go mainstream? 🔥

☝️ Twitter has new Licenses.

Since Elon Musk took over the company, Twitter has acquired multiple new payment licenses.

And the most recent one?

Twitter has acquired a payment license in Rhode Island called the “Currency Transmitter License”

What is this new license?

Well, essentially it allows Twitter (I hate calling it X btw) to process and store payments in the state.

Not only that, but this also allows him to manage digital assets on Twitter.😮

This license basically allows Twitter to—

  • Exchange

  • Store

  • Transfer

…Virtual Digital Assets for the company.

It also allows for the creation of stuff like Wallets, Exchanges, and Payment processors to be integrated.

Elon out here holding hopes for the crypto bros! 😭

✌️ Elon can integrate crypto. But will he?

There’s a teenie…tiny…issue tho. 🤏

Well, you see, Elon is a Chad raw cow milk chugger. 🐄

Meaning, as a man with great power, he must also follow up with great responsibility. 💪

The question really is—

Is it safe to even integrate crypto on such a huge platform?

I mean, think about all the issues with crypto right now—

👉 Hacks ✅

👉 Thefts and Manipulation ✅

👉 Weird People Shilling Tokens ✅✅✅

Only time will tell us.

And we all know that our boi is a huge Doge fan anyway. 😉

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📈 Cheese and Charts: NFTs Have Faded, Or Have They?

Every day you hear someone shouting on the internet—

  • NFTs are JPEGs!

  • They’re dead!

  • I wasn’t able to buy them sooner, so I am coping with the pain and calling it bluff!

Regardless of their ☝️ comments, the crypto community chooses to move ahead. 💪

But let's take a step back to understand just how big the NFT market is right now. 🦵

The current NFT market capitalization is at about 8.9 million ETH = $ 16 Billion USD. 💸

This number, however, was much higher during the peak in 2022, where it represented about 12 Million ETH = ~ $42 Billion USD. 🤑(considering the price of ETH back then)

What does this mean?

  • NFTs went from representing over 20% of ETH to → <10% of ETH market capitalization. 📉

  • Currently, 8.9 million ETH represents about 1.3% of all crypto market cap. 🤯

  • I will still buy a picture of a rock coz why not?

This just shows that NFTs are still in their inception arc. 📈

And while some might've declared it dead already, there is still massive scope for growth with new innovation. 💯

What do you think?

Are NFTs dead? Or are they more alive than ever?

Hit reply and let us know! 👇

Source: Delphi Digital

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🛠 Resourcewala: Do MultiSig Wallets Like a Pro

We've seen them, loved them, or maybe, lost some bucks to them – the MultiSig Wallets. 🤓

But imagine having the SUPER power to not just use one but to CREATE your own! 😲

And not just that, calling your gang to TEST it out. 🤯

Today, we dish out:

  • The ABCs of a MultiSig Wallet. 📖

  • How to get your hands dirty with CODE! 🛠️💻

  • Testing? We ain’t doing it solo. Invite the SQUAD! 👥

LFG! 🔥🔥🔥

🍼 Doodhshots: Lufthansa’s Into NFTs

  • 🥞 Pancake Flips: PancakeSwap, Binance Smart Chain's star AMM, now gets deployed on Base. More maple syrup, anyone?

  • 💼 Stable Moves: BlockFi contemplates turning some of its crypto stash into the ever-stable stablecoins. Swapping the volatility, huh?

  • 🔗 Link Up, PayPal: Coinbase is all set to roll out the red carpet for PayPal's PYUSD stablecoin. The more, the merrier, right?

  • 🌍 Argentina’s Love: Despite investigations, Worldcoin paints the town red in Argentina with a record-breaking sign-up spree! Dance or dodge?

  • ✈️ Sky-high NFTs: Lufthansa takes to the skies with a Polygon-based NFT loyalty program. Collect & Fly, mfers!

📍Web3 Events Nearby

Another weekend coming up, another meetup to attend. 😎

Check out ➡️ meetupswala.xyz for upcoming Web3 events in your city, whether you're looking for:

  • meetups

  • hackathons

  • conferences

  • or just wanna hang

Meetupswala will have something that's right for you.

Here are the top Web 3 events for this week:

1️⃣ Billion Reasons to Build ~ Nomoskar Kolkata

🗓️ This Saturday 📍 Kolkata

⭐️ Register here → https://www.meetupswala.xyz/events/1062

2️⃣ Kanalabs Konnect | Pune

🗓️ This Saturday 📍 Pune

⭐️ Register here → https://www.meetupswala.xyz/events/1061

3️⃣ Blockchain Bytes - Chennai

🗓️ Today 📍Chennai

⭐️ Register here → https://www.meetupswala.xyz/events/1064

🤣 Milky Meme Of The Day

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That’s all for today folks! See ya tomorrow!

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer. None of what you read here is financial advice. We aren’t here to get you to buy or sell crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.

Today’s edition was brought to you by Ritik Gupta and Sumanth